Microarray Biochips Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2020-2024

Technavio has been monitoring the microarray biochips market and it is expected to grow by $ 10.22 bn, accelerating at a CAGR of almost 20% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report

Microarray Biochips Market: Key Trends to impact market growth

The Rising demand of microarray biochips in genomics and proteomics is one of the key microarray biochips market market trends. This research report provides a detailed impact analysis of all the trends that are likely to influence the growth of the market in focus.

Microarray Biochips Market: Top Drivers to Boost Demand

The Increase in market presence with collaboration strategy is one of the primary factors driving the growth of the microarray biochips market. The report provides a detailed study of all the factors that are likely to boost the market. This analysis will enable clients to leverage growth opportunities to their advantage and set their business

Vendor Analysis: Agilent Technologies Inc., BioChain Institute Inc. and Bio-Rad Laboratories Inc. are key growth contributors

The market is fragmented. The research report provides insights into the top market player and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Agilent Technologies Inc., BioChain Institute Inc., Bio-Rad Laboratories Inc., Cepheid Inc., Fluidigm Corp., General Electric Co., Illumina Inc., Merck KGaA, PerkinElmer Inc., and Thermo Fisher Scientific Inc. are some of the major market participants.

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Microarray Biochips Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive microarray biochips market growth during the next five years
• Precise estimation of the microarray biochips market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the microarray biochips market industry across North America, Europe, APAC, and ROW
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of microarray biochips market vendors

The Global Microarray Biochips Market is expected to grow by USD 10.22 billion accelerating at a CAGR of almost 20% during the forecast period. The healthcare industry is expected to witness positive growth as a result of COVID-19, and the impact of the pandemic on the market in focus is also expected to remain positive. Technavio evaluates the market with a detailed investigation into the market forces, emerging trends, and growth drivers. It also provides competitive benchmarking to equip clients with actionable insights that will help them navigate through the current market scenario. Preview our latest report with COVID-19 Impact Analysis

"The rising demand for microarrays in genomics and proteomics is one of the major factors that is driving the microarray biochips market growth. 38% of the market’s growth will originate from North America during the forecast period", says senior research analyst for the Health Care Industry at Technavio.

Microarray Biochips Market: Application Segment Highlights

• Application Segmentation: Drug discovery and development segment, Diagnostics and treatments, Research and consumables, Forensic medicines, and Others 
• The rising preference for personalized medicines and the growing use of microarray biochips in the field of genomics and proteomics are driving the microarray biochips market share growth by the drug discovery and development segment. 
• The microarray biochips market share growth by the drug discovery and development segment will be faster than the other segments.    

Microarray Biochips Market: Competitive Analysis

• The Microarray Biochips Market is fragmented due to the presence of several vendors.
• Market vendors are focused on market expansion, innovations, and expansion of distribution networks.
• Agilent Technologies Inc., BioChain Institute Inc., Bio-Rad Laboratories Inc., Cepheid Inc., Fluidigm Corp., General Electric Co., Illumina Inc., Merck KGaA, PerkinElmer Inc., and Thermo Fisher Scientific Inc. are some of the major market participants. Although the growing demand for rising demand for microarray biochips in genomics and proteomics will offer immense growth opportunities, standardization and accuracy issues will challenge the growth of the market participants. 

Technavio provides custom research reports with detailed insights on the impact of COVID-19 with respect to the industry, region, and supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations. Download a Free Sample Report